20 August 2007 ~ Raymarine plc (“Raymarine”), a global leader in the supply of electronic products to the leisure marine market, today announces the acquisition of H.E. Eissing KG (“Eissing”), the sole distributor of Raymarine products in Germany, for a consideration up to a maximum of €3.5 million (£2.4 million) The whole of the consideration is payable in cash using Raymarine’s existing facilities.
Eissing is a family-owned business founded in 1956 and currently owned by MD Thomas Eissing, who will remain as a joint MD for a period of time following the acquisition. Eissing employs 44 staff across its sales, distribution and servicing operations, and its head office and warehouse are located in Emden, Lower Saxony. It also has two small sales and servicing facilities in Hamburg and Bernau (near Munich).
In addition to Raymarine products, Eissing distributes a small number of products manufactured by third party suppliers, and will continue to do so following the acquisition.
For the year ended 31 December 2006, Eissing reported turnover of €10.9 million (£7.4 million).
The acquisition is expected to be earnings enhancing before restructuring costs in the first full year of ownership.
Commenting on the acquisition, Malcolm Miller, Chief Executive of Raymarine, said:
“I am very pleased that we have reached agreement to acquire Eissing, a business which we know has a detailed knowledge, strong trading relationships and a leading market share in one of Raymarine’s key markets.”
For further information:
Raymarine plc
Malcolm Miller, Chief Executive
Tony Osbaldiston, Finance Director
Telphone: 023 9269 3611
Hogarth Partnership Limited
Chris Matthews
Andrew Jaques
Ian Payne
Telphone: 020 7357 9477
